India's exports register healthy growth to European, Latin American nations in 2023

New Delhi: Indian exporters made further inroads in European and Latin American nations in 2023, registering healthy growth in countries such as Romania, Montenegro, Austria, and Guatemala, an official said on Friday.

India's merchandise export rose 2.1 per cent to the European Union (EU) in 2023 despite headwinds being faced by large developed markets like the EU and the UK due to high cost of living, weak external demand, and monetary tightening, the commerce ministry official said.

"India's export trade expansion has been impressive inspite of global challenges in 2023," the official said.

India's merchandise exports have recorded healthy growth in European nations like Romania, Czech Republic, Montenegro, Finland, the Netherlands, Portugal, Luxemburg, Iceland, Ireland, and Austria.

"The growth points towards India's trade resilience and growth despite prevailing uncertainties and deceleration of the economies in Europe," the official added.

Similarly, in Latin American countries, India's exports registered high growth in 2023 in Cuba, Uruguay, Paraguay, Guyana, Peru, Mexico, and Guatemala.

"With continued social unrest, oil production cuts and tight policy settings, the growth of Middle-Eastern countries has weakened. However, India's merchandise export growth to major Middle-Eastern countries remains positive," the official said.

The increased merchandise exports to Iraq, Saudi Arabia, and the UAE in 2023 underscores India's ability to navigate adverse economic conditions and capitalise on export opportunities.

Economic think-tank Global Trade Research Initiative (GTRI) have stated that India's exports and imports have dipped 2.6 per cent to USD 1,609 billion in 2023 compared to USD 1,651.9 billion in 2022.